Upcoming Reports
CONAB is Brazil’s USDA and it will issue its monthly crop production report early Thursday morning followed by USDA’s at noon Eastern time. There are rumors in the market that CONAB's corn production numbers may be reduced much more than the market expects. Analysts say the USDA, on the other hand, is showing a “more optimistic scenario than reality” as Brazil has a very significant reduction of safrinha corn acres.
USDA's National Agricultural Statistical Service (NASS) is discontinuing the following reports due to budgetary constraints:
July cattle inventory report
Cotton objective yield survey
County-level estimates for crops and livestock
Tidbits
Corn was lower yesterday, but the market removed carry (return to storage) from the corn market. There are two reasons the market reduces the return to storage: lower interest rates and the market wanting your corn sooner rather than later; interest rates did not decline yesterday.